Mordechai Z. Halberstam signs $11.6M refi with CMFG for two properties in Williamsburg

Mordechai Z. Halberstam through the entity Mazal And Bracha, LLC as borrower signed a refi loan with lender CMFG Life Insurance Company through the entity Cmfg Life Insurance Company, An Iowa Corporation valued at $11.6 million for two properties with 26 residential units including the 24-unit residential walkup building (C1) at 16-20 Manhattan Avenue in Williamsburg, Brooklyn and two-unit mixed-use building (S9) at 32 Varet Street in Williamsburg, Brooklyn.
The deal closed on July 18, 2025 and was recorded on August 14, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $12.2 million.The two properties have 27,225 square feet of built space and 21,775 square feet of additional air rights for a total buildable of 49,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $427 and the price per buildable square foot is $237 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Mordechai Z. Halberstam was Mordechai Z. Halberstam. The signatory for CMFG Life Insurance Company was Peter Payleitner .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 16-20 Manhattan Avenue.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Mor Halberstam, head officer. The business entity is Mazel And Bracha Llc. Out of the two properties, one with a total of 27,225 square feet of built space generated revenue of $721,574 per year.

The property

The residential walkup building with 24 residential units in Williamsburg has 27,225 square feet of built space and 21,775 square feet of additional air rights for a total buildable of 49,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.5 million. The most recent loan totaled $12.2 million and was provided by Santander Bank on April 7, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three housing violations and $2,550 in OATH penalties in the last year.

Development

On these lots, there is one active major alteration construction project, 321723088, for a 48-unit, 44,488 square-foot R-2 building. The project was submitted by Mordechai Halberstam with plans filed January 19, 2018 and permitted August 1, 2022.

The block

On the tax block of 16-20 Manhattan Avenue, PincusCo has identified the owners of four of the 10 commercial properties representing 79,875 square feet of the 127,855 square feet. The largest owner is L+M Development Partners, followed by Mordechai Halberstam and then Max Weinman.
On the tax block, there was one new building construction project filed totaling 29,699 square feet. It is a 35-unit, 29,699 square-foot residential (R-2) building submitted by Max Weinman with plans filed December 11, 2018 and permitted April 12, 2022.

The majority, or 41 percent of the 127,855 square feet of built space are elevator buildings, with walkup buildings next occupying 39 percent of the space.

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